All 435 seats in the U.S. House of Representatives will be up for grabs in the 2024 election, with the future of crypto bills in the House Financial Services Committee uncertain.
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Representative Patrick McHenry, chair of the United States House Financial Services Committee and a proponent of many pieces of crypto-focused legislation, will be retiring from Congress.
In a Dec. 5 statement, McHenry said he would not seek reelection to the U.S. House of Representatives and is expected to leave Congress in January 2025. He will have served for 20 years as a representative at the time of his departure, having been sworn in in January 2005.
“This is not a decision I come to lightly, but I believe there is a season for everything and — for me — this season has come to an end,” said McHenry. “There are many smart and capable members who remain, and others are on their way. I’m confident the House is in good hands.”
During his time as chair of the House Financial Services Committee, McHenry was one of the few crypto proponents in Congress who pushed for passing bills to establish regulatory clarity for digital assets. He also acted as interim speaker of the House when Republican members of Congress were unable to unite behind a single candidate to replace former Speaker Kevin McCarthy.
“Chairman McHenry is an unparalleled leader who has consistently recognized the importance of responsible innovation and fit-for-purpose regulation in the financial sector,” said Sheila Warren, CEO of the Crypto Council for Innovation. “We have appreciated McHenry’s approach to coalition building, willingness to work in a bipartisan nature, and constructive engagement with industry. He will be noticeably missed in Congress.”
Related: Rep. Patrick McHenry blames White House for lack of urgency on stablecoin bill negotiations
Jake Chervinsky, soon-to-be former chief policy officer of the Blockchain Association, thanked McHenry on X (formerly Twitter) for his “leadership on crypto policy.” Some industry leaders on the social media platform expressed regret at the North Carolina Representative’s departure, including Coinbase president Emilie Choi.
You’ve had an incredible run. Thank you for your service to this country.
McHenry’s announcement came roughly a year before the 2024 election day in the United States, when all 435 seats in the House of Representatives are up for grabs, as are 33 positions in the Senate and the U.S. presidency. A few candidates for U.S. President have made crypto one of their key campaign issues, including Republicans Vivek Ramaswamy and Ron DeSantis, as well as independent Robert F. Kennedy Jr.
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